The statement of net position classification “cash and cash equivalents” includes all readily available sources of cash such as petty cash and demand deposits.
At June 30, 2021, the University had petty cash funds totaling zero, and deposits as reflected by bank balances as follows:
2021
Insured, commercial banks $ 432,334
Uninsured and uncollateralized, commercial banks 1,162,837
Maintained by Commonwealth of Kentucky, collateral held by the Commonwealth in the Commonwealth's name 105,477
Cash balance held at ARGI Investment Services 533,338
$ 2,233,986
The difference in the cash carrying amount per the statement of net position and the above balances represented items in transit. At June 30, 2021, the University had no cash and cash equivalents that are restricted for capital expenditures.
As of June 30, 2021, the University had the following investments and maturities:
Investment Maturities (in years)
| Investment Type | Fair Value | <1 | 1-5 | 6-10 | 11-20 |
|---|---|---|---|---|---|
| Exchange traded funds | $ 16,073,551 | $ 16,073,551 | $- | $- | $- |
| Corporate bonds | 4,350,788 | 555,806 | 2,055,741 | 1,739,242 | |
| Government bonds | 967,867 | 450,339 | 380,177 | 137,351 | |
| $ 21,392,206 | $ 17,079,696 | $ 2,435,918 | $ 1,876,593 | $- |
28.